Updated over 5 years ago on . Most recent reply
Small Commercial Lending
Completely new to commercial, looking at a small church for use as a wedding venue. Are there commercial lenders that touch anything under $100k, or even under $50k? What are they looking for?
Most Popular Reply
With this type of property, in this property size, local lenders are your best bet. I would contact every local bank and credit union within an hour drive of the property and see if they are interested. It will take sometime but you will receive feedback directly from the lender (while avoiding a broker's fee).
I imagine you have worked COVID into your numbers, projections and your offer price. The bank will want to know about this when you reach out. Lastly, have you considered seller financing?